Two high-rise construction sites in Dallas’s Turtle Creek Corridor have been sold to one of the region’s top developers.
Centurion American Development Group purchased the Turtle Creek Boulevard and Fairmount Street properties from a Canadian developer who had owned the properties for years.
Centurion American – one of the busiest construction companies in North Texas – has acquired the land to build two high-rise buildings.
“We will build exactly what is approved – apartment buildings,” said Centurion CEO Mehrdad Moayedi.
Moayedi said he hopes to start both buildings early next year with units one for sale and the other for rent.
“I’m working on a concept of something really unique with only 10 condo buyers,” said Moayedi. “It’s going to be as exclusive as it gets – probably $ 1,300 to 1,500 per square foot.”
The condominium building is being purchased on Fairmount around the corner from the larger Centurion American property. Moayedi said the plan is for condos to have a small swimming pool each.
The one-acre Oak Lawn corner of Turtle Creek Boulevard and Fairmount Street was sold by Canada-based Great Gulf, which was planning a high-rise apartment.
Great Gulf had proposed a 20-story condominium tower valued at $ 225 million for the corner.
Moayedi said he will use the same zoning on that property to build a high-rise rental.
He said the two projects combined would cost more than $ 200 million.
Jones Lang LaSalle commercial real estate firm is marketing the Turtle Creek properties for sale.
Centurion American made its purchase at a time when activity in the Turtle Creek Corridor is increasing.
Developers have just announced plans for a $ 750 million Four Seasons hotel and condo tower a few blocks away on Turtle Creek and Cedar Springs Road. The mixed-use project would be a development by the Boston-based Carpenter & Co. and the Perot family of Dallas.
Also at Turtle Creek, a Houston developer – MarketSpace Capital – is planning to start work on a 17-story residential project with a view of Oak Lawn Park this year.
Centurion American made its purchase of Turtle Creek after the recently completed purchase of more than 3,000 acres near the town of Celina.
The developer plans to use the land in Denton County for a new residential development called Legacy Hills, with more than 10,000 homes and apartments.
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